Arsene Wenger's side have benefited financially from the sales of players such as Robin van Persie to Manchester United since the start of the season

Arsenal have announced that they have recorded a pre-tax profit of €20.4 million for the half-year ending in November 2012.

The figure was driven primarily by the value of player sales, including that of former striker Robin van Persie who left for Manchester United before the start of the season, with those departing the club raking in €48.8m for the club.

The accounts also highlight that the club have invested €47m in signing new players such as Olivier Giroud, Lukas Podolski and Santi Cazorla.

More cash was spent on contract extensions such as the ones signed by Kieran Gibbs, Jack Wilshere, Aaron Ramsey and Alex Oxlade-Chamberlain earlier in the campaign, with chairman Peter Hill-Wood delighted at the financial progress that the club are making off the pitch.

"Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance which gives the club strength and independence," Hill-Wood told the club's official website.

"Our desire is to make everyone connected with Arsenal proud of the club. We know that comes through winning trophies but also through the way we do things and that will remain our constant guide."

The club's overall turnover dropped from €130.4m to €121.7m due to four less home fixture being played at the Emirates as the same period last year, while profits from Arsenal's property operation increased to €2.2m compared to €574,183 in 2011.